SunTrust Commercial Real Estate (CRE) announced today that it has arranged $50 million in financing to Key Clearwater in support of the acquisition of a Marriott dual-branded hotel in Clearwater Beach, Florida. The Residence Inn and SpringHill Suites is a combined seven-story 255 room property and was opened in August 2017. Key International has been managing the property since its opening.
“Clearwater Beach is home to some of the top-ranked beaches in the country and is one of the top ten hotel markets in the United States. Each of the brands at this property caters to unique traveler types, and Key International’s extensive hospitality experience has allowed them to identify this strategic opportunity. SunTrust is proud to support Key International in their acquisition of this property,” said Leslie Ann Maduro, senior vice president, SunTrust CRE.
“We are pleased to be an active part of the hospitality and tourism industry in Clearwater Beach,” said Shawn Gracey, executive vice president of Hospitality for Key International. “This will serve as the first dual-branded property to join our extensive hotel and resort collection.”
Key International is a real estate investment and development company headquartered out of Miami, Florida that focuses primarily on the luxury commercial and residential sectors, including condominiums, hotels & resorts, residential rentals, offices, and retail properties. The company’s expansive, high-profile portfolio boasts nearly 1,400 keys across eight assets, plus 346 keys across two properties in the construction pipeline.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2018, SunTrust had total assets of $208 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
Key International is a world-class real estate investment and development company with offices in Miami, Florida and Madrid, Spain. The company focuses primarily on luxury commercial and residential sectors, including condominiums, hotels & resorts, residential rentals, offices, and retail properties. Key International’s high-profile projects include the development of such sought-after addresses as 400 Sunny Isles, 1010 Brickell, and the landmark Mint and The Ivy towers in Downtown Miami, along with the master development of the Riverfront Community section of Miami and the $250 million expansion and restoration of the world-famous Nobu Eden Roc Resort Miami Beach. Key International also owns and manages a diverse collection of hotels under the Marriott, Hilton and InterContinental Hotels Group flags. For more information, visit key-international.com.
